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“There is a need to examine long-term solutions to address the various risks which have been triggered by the current pandemic and offer protection in case of a future similar crisis,” IRDA mentioned in a press release.
The nine-member working group is headed by IRDA’s govt director Suresh Mathur and has representatives from regulators, reinsurers and insurance coverage corporations.
The insurance coverage regulator mentioned that such a danger pool sooner or later might supply safety for enterprise interruption with out materials injury, lack of revenue and livelihood and different associated pandemic associated losses at the moment not insured in India.
These losses may very well be enormous and past the capability of the federal government, insurance coverage corporations and even reinsurers to assist by itself. Therefore, mentioned IRDA, “there is a need to explore the possibility of addressing these risks and any other related risks arising out of a Pandemic through the mechanism of a “Pandemic Risk Pool”.”
The working group has been requested to submit its suggestion in eight weeks and amongst different phrases have additionally been requested to element the construction and operation of such a pandemic danger pool.